After the federal government recently reported that the number of those filing bankruptcy increased to over 1.6 million, many people are looking for the reasons why. When you speak with a bankruptcy attorney they will tell you that they have heard every excuse in the book of why a person needs to file for bankruptcy. Usually, it's always someone else's fault, like that evil mortgage broker got me into one of these crazy loans that I can afford. It's only common sense if you make $50,000 a year you can't afford a half-million dollar home. A few years back many young people over encumbered themselves because credit was available. They bought the big house, two new cars and a boat to boot. What they didn't consider was at some point they would have to pay for all this stuff. This is not even including the decline in the job market leaving a lot of families jobless. It's now come to the point when it's time to pay the piper.
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A lot of bankruptcy attorneys are seeing this new entitlement generation that thinks the world owes them a living. Many parents these days struggle saying no to their children for even one day. These days new parents run to the crib to pick up a crying baby immediately not even considering they might be spoiling the child. Nowadays, parents give their kids everything they ask for from toys to treats and clothes to shoes. This generation has grown up with never hearing the word no. Not realizing, parents are setting their kids up for filing bankruptcy and financial failure in the future. In today's culture no means an invitation to negotiation, it no longer means just no. As kids get older it gets harder and harder as the price of items get larger and larger. This kind of child rearing allows kids to grow up not knowing the value and how hard it is to actually earn a dollar.
Right out of college many young adults get hired on to a job of their choosing. Credit becomes immediately available to these young consumers and like a fire can easily get out of control if it's not contained. In the last 10 years many young adults got caught up in the real estate market thinking there was no way of losing. When the real estate market melted down in 2007 many new buyers got caught up in the "if I don't buy a house now I'll never be able to afford one".
And when the question came, what happens if you can't afford the payment when it adjusts? That canned answer was, I will sell it and take the profit to buy something smaller. What these people didn't consider is the value of their homes dropping beneath what they owed on them. Trying to keep things together this group charged up their credit cards, robbing Peter to pay Paul. And the ending is obvious, many of these people ended up filing bankruptcy along with being foreclosed on. Everyone wants their kids to have everything they didn't have when they were a kid, but are we really doing them any favors?
Having financial difficulty is no fun but if you or someone in your family is close to default and filing bankruptcy seems like your only option, don't wait around until the lawsuits pile up, consult a bankruptcy attorney and see which chapter can help your family's situation.
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